GE TRANSPORTATION, WABTEC SET $11B MERGER

General Electric will merge its train engine division with railroad manufacturing firm Wabtec in an $11 billion deal, a major move in GE CEO John Flannery’s mission to streamline the Boston-based conglomerate and boost its earnings. Wabtec Corp., based in Wilmerding, Pa., will pay GE

$2.9 billion, and Wabtec shareholders will own about 49.9% of the combined company when the deal closes in early

2019, the companies said Monday. GE shareholders will own about 40.2% and GE will own 9.9%.